GBPUSD Market Outlook – 12 March 2018
There are a lot going on GBPUSD. Technically GBPUSD is an interesting currency pairs to watch for now. As you can see from the screenshot, GBPUSD was bullish since 1 March around 12 days for now. GBPUSD moved up nearly 200 pips. What does this really mean? The green wedge pattern in the screenshot shows in fact the efforts of recovery or correction of British pounds since the heavy fall in the 2016 June. The 1.4320 level was in fact the level before the GBPUSD got hit with the brexit vote. In 26 January 2018, its initial attempt to go through 1.4300 level was failed. Now would it go second time and with sucess ? Well, the formation of Gartley seems motivating pounds once more. GBPUSD moved 200 pips and it is pushing boundary around 1.3900 today. In term of time scale, another week to month of bullish momentum can only accomplish to reach the level 1.4320 againt. Another test at 1.4300 will be welcoming new for Britsh pounds. However losing current bullish momentum can put GBPUSD into strong bearish state.